CF Industries Holdings, Inc. (CF) Revenue History
Annual and quarterly revenue from 2003 to present
CF Revenue Over Time (2003–2025)
CF Revenue Growth History
14 of 22 years with positive growth- FY2003 revenue growth
- N/A
- FY2004 revenue growth
- +18.7%
- FY2005 revenue growth
- +15.6%
- FY2006 revenue growth
- +2.2%
- FY2007 revenue growth
- +41.4%
- FY2008 revenue growth
- +42.2%
- FY2009 revenue growth
- -33.5%
- FY2010 revenue growth
- +52.0%
- FY2011 revenue growth
- +53.8%
- FY2012 revenue growth
- +0.1%
- FY2013 revenue growth
- -10.3%
- FY2014 revenue growth
- -13.4%
- FY2015 revenue growth
- -9.2%
- FY2016 revenue growth
- -14.5%
- FY2017 revenue growth
- +12.1%
- FY2018 revenue growth
- +7.2%
- FY2019 revenue growth
- +3.6%
- FY2020 revenue growth
- -10.2%
- FY2021 revenue growth
- +58.5%
- FY2022 revenue growth
- +71.1%
- FY2023 revenue growth
- -40.7%
- FY2024 revenue growth
- -10.5%
- FY2025 revenue growth
- +19.3%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.22B | +17.6% |
| Q1 2026 | $1.99B | +19.4% |
| Q4 2025 | $1.87B | +22.8% |
| Q3 2025 | $1.66B | +21.1% |
| Q2 2025 | $1.89B | +20.2% |
| Q1 2025 | $1.66B | +13.1% |
| Q4 2024 | $1.52B | -3.0% |
| Q3 2024 | $1.37B | +7.6% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
CF's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
CF Revenue Analysis (2003–2025)
Current Revenue & Growth
As of November 7, 2026, CF Industries Holdings, Inc. (CF) generated trailing twelve-month (TTM) revenue of $7.74 billion, reflecting strong growth of +17.6% year-over-year. The most recent quarter (Q2 2026) recorded $2.22 billion in revenue, up 11.9% sequentially.
Historical Growth Trajectory
CF's 5-year compound annual growth rate (CAGR) stands at +11.4%, indicating consistent double-digit revenue growth. The 3-year CAGR of -14.1% is below the 5-year average, signalling a growth deceleration in recent years. CF Industries Holdings, Inc.'s highest annual revenue of $11.19 billion was recorded in 2022.
Revenue by Segment
CF's revenue is primarily driven by Ammonia (33%), UAN (33%), and Urea (27%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Basic Materials sector peers — including MOS (-3.1% YoY), NTR (+8.6% YoY), and UAN (+7.3% YoY) — CF has outperformed the peer group in revenue growth. Compare CF vs MOS →
CF Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CFCurrent | $7.7B | +17.6% | +11.4% | 33.4% | |
 MOS | $12.1B | -3.1% | +6.8% | 8.7% | |
 NTR | $26.9B | +8.6% | +5.2% | 14.4% | |
 UAN | $606M | +7.3% | +11.6% | 21.4% | |
 ANDE | $11.0B | -4.3% | +6.4% | 1.2% | |
 ICL | $7.2B | +10.9% | +7.2% | 9.8% |
CF Historical Revenue Data (2003–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $7.08B | +19.3% | $2.72B | 38.5% | $2.37B | 33.4% |
| 2024 | $5.94B | -10.5% | $2.06B | 34.6% | $1.75B | 29.4% |
| 2023 | $6.63B | -40.7% | $2.65B | 39.9% | $2.36B | 35.5% |
| 2022 | $11.19B | +71.1% | $5.89B | 52.7% | $5.60B | 50.1% |
| 2021 | $6.54B | +58.5% | $2.36B | 36.1% | $2.14B | 32.7% |
| 2020 | $4.12B | -10.2% | $834.0M | 20.2% | $628.0M | 15.2% |
| 2019 | $4.59B | +3.6% | $1.18B | 25.8% | $945.0M | 20.6% |
| 2018 | $4.43B | +7.2% | $906.0M | 20.5% | $694.0M | 15.7% |
| 2017 | $4.13B | +12.1% | $521.0M | 12.6% | $330.0M | 8.0% |
| 2016 | $3.69B | -14.5% | $713.0M | 19.3% | $539.0M | 14.6% |
| 2015 | $4.31B | -9.2% | $1.84B | 42.6% | $1.67B | 38.7% |
| 2014 | $4.74B | -13.4% | $1.79B | 37.8% | $1.61B | 34.0% |
| 2013 | $5.47B | -10.3% | $2.47B | 45.0% | $2.30B | 42.0% |
| 2012 | $6.10B | +0.1% | $3.17B | 51.9% | $3.02B | 49.4% |
| 2011 | $6.10B | +53.8% | $3.03B | 49.6% | $2.90B | 47.5% |
CF Chart Terminal
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Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
23+ years return with dividends reinvested.
Peer Comparison
Compare growth, multiples, and margins vs sector.
CF — Frequently Asked Questions
Quick answers to the most common questions about buying CF stock.
Is CF's revenue growth accelerating or slowing?
CF revenue growth is accelerating. TTM revenue reached $7.7B, up +17.6% year-over-year — ahead of the 5-year CAGR of +11.4%. This indicates the business is expanding faster than its historical baseline.
What is CF's revenue history from 2003 to 2026?
CF Industries Holdings, Inc. (CF) revenue history spans 2003 to 2026. TTM revenue as of 2026 is $7.7B, growing at +17.6% YoY. The 5-year CAGR is +11.4%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is CF's long-term revenue growth rate (CAGR)?
CF Industries Holdings, Inc.'s 5-year revenue CAGR of +11.4% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +17.6% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for CF.
Why does CF's quarterly revenue fluctuate?
CF quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. CF Industries Holdings, Inc.'s revenue data from 2003 to 2026 shows full historical quarterly detail on this page.
How is CF's revenue distributed by segment?
CF reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does CF's revenue compare to industry peers?
CF Industries Holdings, Inc. (CF) with TTM revenue of $7.7B and +17.6% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.